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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
January 21, 2004
Date of Report (Date of earliest event reported)
ACXIOM CORPORATION
(Exact name of Registrant as Specified in Charter)
Delaware 0-13163 71-0581897
(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
1 Information Way, P. O. Box 8180
Little Rock, AR 72203-8180
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 501-342-1000
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
99.1 Press Release dated January 21, 2004
ITEM 9. REGULATION FD DISCLOSURE.
See Item 12. Results of Operations and Financial Condition
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On January 21, 2004, Acxiom Corporation (the "Company") issued a press release announcing the results of
its financial performance for the quarter ending December 31, 2003. The Company will hold a conference call at
4:30 p.m. CDT today to discuss this information further. Interested parties are invited to listen to the call,
which will be broadcast via the Internet at www.acxiom.com. The press release is furnished herewith as Exhibit
99.1 and incorporated by reference herein.
The Company's press release and other communications from time to time include certain non-GAAP
financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial
performance, financial position or cash flows that excludes (or includes) amounts that are included in (or
excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the
Company's financial statements.
The attached press release utilizes a measure of free cash flow. Free cash flow is a non- GAAP
financial measure. Free cash flow is defined as cash provided by operating activities less cash used by
investing activities excluding the impact of investments in joint ventures and other business alliances and cash
paid and/or received in acquisitions and dispositions. Free cash flow, as defined by the Company, may not be
comparable to similarly titled measures reported by other companies and should not be considered in isolation or
as a substitute for measures of performance prepared in accordance with GAAP. Management of the Company has
included free cash flow in this filing because, although free cash flow does not represent the amount of money
available for the Company's discretionary spending since certain obligations of the Company must be funded out of
free cash flow, management nevertheless believes that it provides investors with a useful alternative measure of
liquidity by allowing an assessment of the amount of cash available for general corporate and strategic purposes,
including debt payments, after funding operating activities and capital expenditures, capitalized software
expenses and deferred costs.
The attached press release contains a quantitative reconciliation of free cash flow to the comparable
GAAP measure, operating cash flow.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 21, 2004
ACXIOM CORPORATION
By: /s/ Catherine L. Hughes
------------------------------------------------
Name: Catherine L. Hughes
Title: Secretary
FORM 8-K
Exhibit
Number Description
99.1 Press Release of the Company dated January 21, 2004
For more information, contact:
Robert S. Bloom
Financial Relations Leader
Acxiom Corporation
(501) 342-1321
EACXM
Acxiom® Announces Third-Quarter Financial Results
Record Cash Flow Among Highlights
LITTLE ROCK, Ark. - January 21, 2004 - Acxiom® Corporation (Nasdaq: ACXM) today announced revenue and earnings results for the
third quarter ended December 31, 2003. Revenue and diluted earnings per share were $255.2 million and $.22, respectively. Operating
cash flow of $79.3 million and free cash flow of $59.9 million for the quarter represent record cash flow performances for the
Company. Acxiom will hold a conference call at 4:30 p.m. CST today to discuss this information further. Interested parties are
invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com.
"Our third-quarter revenue, earnings, cash flow and new-business results are all strong," Company Leader Charles D. Morgan said.
"And with the building momentum of our new Customer Information Infrastructure (CII) grid-based solution architecture we are
establishing a solid foundation for fiscal 2005."
Highlights of Acxiom's third-quarter performance include:
o Revenue of $255.2 million and diluted earnings per share of $.22, which includes a $3 million distribution from the
Montgomery Ward bankruptcy and a loss of $1.4 million related to investments.
o Operating cash flow of $79.3 million and free cash flow of $59.9 million, which are quarterly records for the Company and
the 10th consecutive quarter of strong cash flow performance. Free cash flow is a non-GAAP financial measure and a
reconciliation to the comparable GAAP measure, operating cash flow, is attached to this release.
o New contracts that will deliver $49 million in annual revenue and renewals that total $14 million in annual revenue.
o Committed new deals in the pipeline that are expected to generate $44 million in annual revenue.
o The acquisition of Claritas Europe was completed effective January 1, 2004.
o The completion of a long-term, multi-faceted strategic alliance with Accenture that is expected to drive new revenue and
improve the efficiency of Acxiom's services delivery model.
"Our increased presence in Europe and our new partnership with Accenture represent landmark deals that will help define the future
of Acxiom," Morgan said. "Bringing Claritas Europe's data assets together with Acxiom's proven services expertise creates an
attractive value proposition for the European marketplace. Similarly, Accenture's strengths and Acxiom's strengths are very
complementary, and combining those strengths should improve bottom-line results for both companies."
Morgan noted that Acxiom expanded its services agreement with JPMorgan Chase in the quarter to include the financial institution's
credit card customer database. Other contracts were completed with blue-chip clients including Equifax in the United Kingdom and
AutoNation Inc., Bank One Corporation, IMS Health, Marriott Vacation Club International and Microsoft Corporation in the U.S.
Outlook
The financial projections stated today are based on the Company's current expectations. These projections are forward looking, and
actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions,
divestitures or other business combinations that may be completed in the future.
For the fourth quarter of the 2004 fiscal year, the Company expects:
o Revenue of $265 million to $270 million, which includes the Claritas Europe operations.
o Earnings per share of $.16 to $.18, which includes the previously announced expected loss of $.02 a share from the Claritas
Europe operations.
o Operating cash flow in excess of $40 million and free cash flow in excess of $25 million, which increases the Company's
fiscal 2004 projection for operating cash flow to more than $220 million and free cash flow to more than $155 million.
For the fiscal year ending March 31, 2005, the Company estimates revenue of $1.14 billion to $1.19 billion and diluted earnings per
share of $.68 to $.70. The Company estimates that it will generate operating cash flow in excess of $200 million and free cash flow
in excess of $135 million.
About Acxiom
Acxiom Corporation (Nasdaq: ACXM) integrates data, services and technology to create and deliver customer and information management
solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are
Customer Data Integration (CDI) technology, data, database services, IT outsourcing, consulting and analytics, and privacy
leadership. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, with locations throughout the United States and
Europe, and in Australia and Japan.
This release and the scheduled conference call include a discussion of free cash flow, a non-GAAP financial measure. There is a
reconciliation of this measure to the comparable GAAP measure, operating cash flow, attached to this press release.
This release and today's conference call contain forward-looking statements that are subject to certain risks and uncertainties that
could cause actual results to differ materially. Such statements include but are not necessarily limited to the following: 1) that
the projected revenue, earnings, earnings per share, operating cash flow and free cash flow referred to under the caption "Outlook"
above will meet or exceed the estimated amount; 2) that the business pipeline and that our current cost structure will allow us to
continue to meet or exceed revenue, earnings and cash flow projections; 3) that new contracts and contract renewals will generate the
indicated amounts of revenue; 4) that we have committed new deals in the pipeline that are expected to deliver the indicated
amounts; 5) that we are well positioned for success going forward; 6) that future results will be within the indicated ranges; 7)
that new products and services will produce the expected results.
The following are important factors, among others, that could cause actual results to differ materially from these forward-looking
statements: The possibility that certain contracts may not be closed, or may not be closed within the anticipated time frames; the
possibility that certain contracts may not generate the anticipated revenue or profitability; the possibility that negative changes
in economic or other conditions might lead to a reduction in demand for our products and services; the possibility that the recovery
from the previous three years' economic slowdown may take longer than expected or that economic conditions in general will not be as
expected; the possibility that significant customers may experience extreme, severe economic difficulty; the possibility that the
fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the
possibility that sales cycles may lengthen; the possibility that we may not be able to attract and retain qualified technical and
leadership associates, or that we may lose key associates to other organizations; the possibility that we won't be able to properly
motivate our sales force or other associates; the possibility that we won't be able to achieve cost reductions and avoid
unanticipated costs; the possibility that we won't be able to continue to receive credit upon satisfactory terms and conditions; the
possibility that competent, competitive products, technologies or services will be introduced into the marketplace by other
companies; the possibility that we may be subjected to pricing pressure due to market conditions and/or competitive products and
services; the possibility that there will be changes in consumer or business information industries and markets; the possibility
that we won't be able to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable
terms; the possibility that we may encounter difficulties when entering new markets or industries; the possibility that there will
be changes in the legislative, accounting, regulatory and consumer environments affecting our business, including but not limited to
litigation, legislation, regulations and customs relating to our ability to collect, manage, aggregate and use data; the possibility
that data suppliers might withdraw data from us, leading to our inability to provide certain products and services; the possibility
that we may enter into short-term contracts which would affect the predictability of our revenues; the possibility that the amount
of ad hoc, volume-based and project work will not be as expected; the possibility that we may experience a loss of data center
capacity or interruption of telecommunication links or power sources; the possibility that postal rates may increase, thereby
leading to reduced volumes of business; the possibility that our clients may cancel or modify their agreements with us; the
possibility that the services of the United States Postal Service, their global counterparts and other delivery systems may be
disrupted; the possibility that the integration of our recently acquired businesses may not be successful; and the possibility that
we may be affected by other competitive factors.
With respect to the provision of products or services outside our primary base of operations in the U.S., all of the above factors
apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in culture, laws and
regulations. Other factors are detailed from time to time in our periodic reports and registration statements filed with the United
States Securities and Exchange Commission. We believe that we have the product and technology offerings, facilities, associates and
competitive and financial resources for continued business success, but future revenues, costs, margins and profits are all
influenced by a number of factors, including those discussed above, all of which are inherently difficult to forecast. We undertake
no obligation to update the information contained in this press release or any other forward-looking statement.
Acxiom is a registered trademark of Acxiom Corporation.
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)
For the Three Months Ended
December 31,
-----------------------------------------
2003 2002
-----------------------------------------
Revenue 255,207 257,961
Operating costs and expenses:
Salaries and benefits 82,452 80,474
Computer, communications and
other equipment 66,863 69,066
Data costs 32,642 28,748
Other operating costs and expenses 38,915 48,457
Gains, losses and nonrecurring items, net (3,000) (521)
-------------- ---------------
Total operating costs and expenses 217,872 226,224
-------------- ---------------
Income from operations 37,335 31,737
-------------- ---------------
Other income (expense):
Interest expense (4,702) (5,088)
Other, net (456) 1,064
-------------- ---------------
(5,158) (4,024)
-------------- ---------------
Earnings before income taxes 32,177 27,713
Income taxes 12,233 8,176
-------------- ---------------
Net earnings 19,944 19,537
============== ===============
Earnings per share:
Basic 0.23 0.22
============== ===============
Diluted 0.22 0.20
============== ===============
ACXIOM CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except earnings per share)
For the Nine Months Ended
December 31,
--------------------------------------------
2003 2002
--------------------------------------------
Revenue 732,985 718,763
Operating costs and expenses:
Salaries and benefits 251,721 230,316
Computer, communications and
other equipment 197,255 195,921
Data costs 95,113 87,478
Other operating costs and expenses 121,620 129,067
Gains, losses and nonrecurring items, net (4,008) (5,081)
------------------ -------------------
Total operating costs and expenses 661,701 637,701
------------------ -------------------
Income from operations 71,284 81,062
------------------ -------------------
Other income (expense):
Interest expense (14,356) (15,485)
Other, net 430 2,607
------------------ -------------------
(13,926) (12,878)
------------------ -------------------
Earnings before income taxes 57,358 68,184
Income taxes 14,934 22,656
------------------ -------------------
Net earnings 42,424 45,528
================== ===================
Earnings per share:
Basic 0.50 0.51
================== ===================
Diluted 0.47 0.49
================== ===================
ACXIOM CORPORATION AND SUBSIDIARIES
CALCULATION OF EARNINGS PER SHARE
(Unaudited)
(In thousands, except earnings per share)
For the Three Months Ended For the Nine Months Ended
December 31, December 31,
-------------------------- -------------------------
2003 2002 2003 2002
-------------------------- -------------------------
Basic earnings per share:
Numerator - net earnings 19,944 19,537 42,425 45,528
Denominator - weighted-average
shares outstanding 84,926 89,195 85,535 88,486
-------------------------- -------------------------
Basic earnings per share 0.23 0.22 0.50 0.51
========================== =========================
Diluted earnings per share:
Numerator:
Net earnings 19,944 19,537 42,425 45,528
Interest expense on convertible
bonds (net of tax benefit) 1,026 1,050 3,076 3,150
-------------------------- -------------------------
20,970 20,587 45,501 48,678
-------------------------- -------------------------
Denominator:
Weighted-average shares
outstanding 84,926 89,195 85,535 88,486
Dilutive effect of common stock
options and warrants 2,082 1,740 1,874 2,187
Dilutive effect of convertible
debt 9,589 9,589 9,589 9,589
-------------------------- -------------------------
96,597 100,524 96,998 100,262
-------------------------- -------------------------
Diluted earnings per share 0.22 0.20 0.47 0.49
========================== =========================
ACXIOM CORPORATION AND SUBSIDIARIES
REVENUES BY SEGMENT
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
December 31,
------------------------------------------------------------------
2003 2002
------------------------------------------------------------------
Services 191,697 192,510
Data and Software Products 54,625 46,085
I. T. Management 66,323 65,985
Intercompany eliminations (57,438) (46,619)
------------------------------- -------------------------------
Total Revenue 255,207 257,961
=============================== ===============================
For the Nine Months Ended
December 31,
------------------------------------------------------------------
2003 2002
------------------------------- -- -------------------------------
Services 551,457 540,772
Data and Software Products 142,535 129,429
I. T. Management 189,235 179,332
Intercompany eliminations (150,242) (130,770)
------------------------------- -------------------------------
Total Revenue 732,985 718,763
=============================== ===============================
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
December 31, March 31,
2003 2003
------------- ------------
Assets
Current assets:
Cash and cash equivalents $ 17,648 $ 5,491
Trade accounts receivable, net 193,491 189,704
Deferred income taxes 46,056 46,056
Refundable income taxes 3,386 2,576
Other current assets 36,218 45,288
------------- ------------
Total current assets 296,799 289,115
------------- ------------
Property and equipment 464,276 389,168
Less - accumulated depreciation and amortization 218,742 180,862
------------- ------------
Property and equipment, net 245,534 208,306
------------- ------------
Software, net of accumulated amortization 64,427 63,095
Goodwill 226,098 221,184
Purchased software licenses, net of accumulated amortization 153,423 161,432
Unbilled and notes receivable, excluding current portions 15,392 20,249
Deferred costs, net of accumulated amortization 113,218 108,444
Other assets, net 26,929 21,421
------------- ------------
$ 1,141,820 $ 1,093,246
============= ============
Liabilities and Stockholders' Equity
Current liabilities:
Current installments of long-term obligations 57,006 29,491
Trade accounts payable 27,456 28,760
Accrued merger, integration and impairment costs - 584
Accrued payroll and related expenses 13,666 14,234
Other accrued expenses 41,087 38,689
Deferred revenue 66,314 59,907
------------- ------------
Total current liabilities 205,529 171,665
------------- ------------
Long-term obligations:
Long-term debt and capital leases, net of current installments 230,766 233,843
Software and data licenses, net of current installments 53,119 55,834
------------- ------------
Total long-term obligations 283,885 289,677
------------- ------------
Deferred income taxes 86,024 69,348
Commitments and contingencies
Stockholders' equity:
Common stock 9,104 9,015
Additional paid-in capital 344,194 333,715
Retained earnings 295,983 253,558
Accumulated other comprehensive loss 3,553 (2,911)
Treasury stock, at cost (86,452) (30,821)
------------- ------------
Total stockholders' equity 566,382 562,556
------------- ------------
$ 1,141,820 $ 1,093,246
============= ============
ACXIOM CORPORATION AND SUBSIDIARIES
RECONCILIATION OF FREE CASH FLOW TO OPERATING CASH FLOW
(Unaudited)
(Dollars in thousands)
Qtr ended Qtr ended Qtr ended Qtr ended Yr ended
6/30/2001 9/30/2001 12/31/2001 3/31/2002 3/31/2002
Net cash provided by operating activities (39,280) 69,300 60,493 60,092 150,605
Proceeds received from disposition of assets 127 - - 46 173
Capitalized software (5,935) (5,464) (5,832) (6,890) (24,121)
Capital expenditures (8,789) - (2,612) (3,474) (14,875)
Deferral of costs (8,690) (18,012) (14,077) (7,352) (48,131)
Proceeds from sale and leaseback transaction - 1,964 4,035 - 5,999
----------- ------------ ----------- ----------- -----------
Free cash flow (62,567) 47,788 42,007 42,422 69,650
=========== ============ =========== =========== ===========
Qtr ended Qtr ended Qtr ended Qtr ended Yr ended
6/30/2002 9/30/2002 12/31/2002 3/31/2003 3/31/2003
Net cash provided by operating activities 60,243 53,446 76,992 63,112 253,793
Proceeds received from disposition of assets 45 155 - 93 293
Capitalized software (8,652) (8,958) (8,726) (8,237) (34,573)
Capital expenditures (1,916) (3,000) (5,893) (2,403) (13,212)
Deferral of costs (3,240) (4,108) (3,796) (3,883) (15,027)
Proceeds from sale and leaseback transaction - 7,729 - - 7,729
----------- ------------ ----------- ----------- -----------
Free cash flow 46,480 45,264 58,577 48,682 199,003
=========== ============ =========== =========== ===========
Forecast Forecast
Qtr ended Qtr ended Qtr ended Qtr ended Yr ended
6/30/2003 9/30/2003 12/31/2003 3/31/2004 3/31/2004
Net cash provided by operating activities 48,125 49,909 79,282 43,000 220,316
Proceeds received from disposition of assets 506 192 39 - 737
Capitalized software (6,335) (7,296) (6,510) (7,000) (27,141)
Capital expenditures (1,588) (3,036) (7,637) (6,000) (18,261)
Deferral of costs (6,026) (4,006) (5,312) (5,000) (20,344)
----------- ------------ ----------- ----------- -----------
Free cash flow 34,682 35,763 59,862 25,000 155,307
=========== ============ =========== =========== ===========
Forecast
Yr ended
3/31/2005
Net cash provided by operating activities 200,000
Capitalized software (28,000)
Capital expenditures (18,000)
Deferral of costs (19,000)
-------------
Free cash flow 135,000
=============
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Three Months Ended
December 31,
------------------- -------------------
2003 2002
------------------- -------------------
Cash flows from operating activities:
Net earnings 19,944 19,537
Non-cash operating activities:
Depreciation and amortization 36,709 32,095
Loss (gain) on disposal or impairment of assets, net - 12
Deferred income taxes 23,418 16,371
Tax benefit of stock options and interest 157
Changes in operating assets and liabilities:
Accounts receivable (7,197) 2,866
Other assets 3,168 7,837
Accounts payable and other liabilities 3,270 (1,480)
Merger, integration and impairment costs (30) (403)
------------------- -------------------
Net cash provided by operating activities 79,282 76,992
------------------- -------------------
Cash flows from investing activities:
Proceeds received from the disposition of assets 39 192
Capitalized software (6,510) (8,726)
Capital expenditures (7,637) (5,893)
Deferral of costs (5,312) (3,796)
Payments received from investments 159 -
Net cash paid in acquisitions - (5,833)
------------------- -------------------
Net cash used by investing activities (19,261) (24,056)
------------------- -------------------
Cash flows from financing activities:
Proceeds from debt 18,516 -
Payments of debt (67,592) (11,783)
Sale of common stock 4,275 2,212
Acquisition of treasury stock (1,350) (3,399)
------------------- -------------------
Net cash used by financing activities (46,151) (12,970)
------------------- -------------------
Effect of exchange rate changes on cash 129 44
------------------- -------------------
Net increase (decrease) in cash and cash equivalents 13,999 40,010
Cash and cash equivalents at beginning of period 3,649 26,392
------------------- -------------------
Cash and cash equivalents at end of period 17,648 66,402
=================== ===================
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest 3,195 3,975
Income taxes 570 (139)
Noncash investing and financing activities:
Notes payable, common stock and warrants
issued for acquisitions - 28,486
Note received in exchange for sale of operations - 590
Enterprise software licenses acquired under long-term obligation 1,923 -
Acquisition of property and equipment under capital lease 28,861 7,335
Construction of assets under construction loan 4,244 -
=================== ===================
ACXIOM CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
For the Nine Months Ended
December 31,
------------------- -------------------
2003 2002
------------------- -------------------
Cash flows from operating activities:
Net earnings 42,425 45,528
Non-cash operating activities:
Depreciation and amortization 107,745 88,354
Gain disposal or impairment of assets, net (1,008) (39)
Deferred income taxes 16,676 23,923
Tax benefit of stock options and interest 157
Changes in operating assets and liabilities:
Accounts receivable (2,387) (4,041)
Other assets 11,994 53,803
Accounts payable and other liabilities 2,455 (15,232)
Merger, integration and impairment costs (584) (1,772)
------------------- -------------------
Net cash provided by operating activities 177,316 190,681
------------------- -------------------
Cash flows from investing activities:
Proceeds received from the disposition of operations 7,684 451
Proceeds received from the disposition of assets 737 200
Payments received from investments 1,519 -
Capitalized software (20,141) (26,336)
Capital expenditures (12,261) (10,809)
Investments in joint ventures and other companies (5,000) (1,052)
Deferral of costs (15,344) (11,144)
Proceeds from sale and leaseback transaction - 7,729
Net cash paid in acquisitions - (14,105)
------------------- -------------------
Net cash used by investing activities (42,806) (55,066)
------------------- -------------------
Cash flows from financing activities:
Proceeds from debt 100,989 82,516
Payments of debt (178,480) (168,483)
Sale of common stock 10,984 14,353
Acquisition of treasury stock (56,047) (3,399)
------------------- -------------------
Net cash used by financing activities (122,554) (75,013)
------------------- -------------------
Effect of exchange rate changes on cash 201 124
------------------- -------------------
Net increase (decrease) in cash and cash equivalents 12,157 60,726
Cash and cash equivalents at beginning of period 5,491 5,676
------------------- -------------------
Cash and cash equivalents at end of period 17,648 66,402
=================== ===================
Supplemental cash flow information:
Cash paid (received) during the period for:
Interest 13,497 17,428
Income taxes (986) (40,420)
Noncash investing and financing activities:
Notes payable, common stock and warrants
issued for acquisitions - 28,486
Acquisition of land in exchange for debt 2,698 -
Acquisition of data under long-term obligation 18,340 -
Note received in exchange for sale of operations - 1,386
Issuance of warrants - 1,317
Enterprise software licenses acquired under long-term obligation 11,135 2,828
Acquisition of property and equipment under capital lease 60,195 9,645
Construction of assets under construction loan 6,854 -
=================== ===================